Eurozone banks might be much more vulnerable to a repeat of the 2008 financial crisis than EU "stress-tests" have said, according to a new audit.
The tests, published last year, excluded many of Europe's weakest banks, ignored key factors that could cause a bank to fail, and used simulations which had nothing to do with the 2008 crisis, the European Court of Auditors (ECA) in Luxembourg said on Wednesday (10 July).
They also gave too much weight to national regulators' opinions,...
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.